Sloto Magazine Blog
As featured on Sloto Magazine
Eleven years ago Bitcoin was released to the world, and except for a handful of technology geeks, few people were excited about it. In fact, the vast majority of people continued living their lives without the slightest idea that a revolution was on its way.
Fast forward to 2019 and you can now find over 1,600 cryptocurrencies. A new technology has flourished and it promises to change the way we view money, financial transactions and online security.
Bitcoin is perhaps the most familiar of all cryptocurrencies, but it’s not the only one available. In fact, it has two children that go by the name of Bitcoin Cash (BCH) and Litecoin (LTC), which are very similar to their predecessor. They were released to solve practical issues encountered by Bitcoin.
Litecoin appeared in 2011, and its goal was simple: to reduce transaction costs and transaction times.
Bitcoin Cash appeared much later, in 2017. Its creators aimed at increasing the scope and capacity of the cryptocurrency’s network, while also lowering fees and transaction times.
Here’s a look at the main differences between the 3 cryptocurrencies:
|BITCOIN (BTC)||Bitcoin Cash (BCH)||Litecoin (LTC)|
|Max. Number of Coins||21 million||21 million||80 million|
|Average Block Size||1 MB||<200KB||32 MB|
|Average Transaction Time||10 minutes||10 minutes||2.5 minutes|
|Average Fee (USD)||$2||$0.005||$0.07|
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As featured on Sloto Magazine Fall 2019 Edition
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A quick look at the technology behind Bitcoin
It has taken a few years for the majority of us to understand how Bitcoin works. Many people are now fluent in the world of cryptocurrency, but there is still a related topic few people understand, the very technology that fuels Bitcoin: Blockchain.
Blockchain will become relevant in our modern world, as it is a very effective technology against corruption and fraud, and many industries have begun to implement Blockchain technology. Did you know the U.N. has been using Blockchain for their World Food Programme?
Blockchain, as its name implies, is a chain of blocks, and each block has information inside that connects to other blocks within the same network. It has the great advantage that it is very difficult to tamper with the chain of blocks: if you artificially modify any block (that could represent an amount of money sent from user A to user B), the entire network would be affected and the “guilty” block would easily be discovered. Imagine you are building a wall made out of Legos, and suddenly someone wants to change the shape and size (information) of a piece of Lego in the middle section of the wall. In order to do this, they would have to modify all the Lego blocks surrounding the modified piece, a task almost impossible to do.
Another advantage is that the chain of blocks is not stored in a single computer or mainframe. Rather, it uses a P2P (peer-to-peer) system. This means every user of a blockchain has a copy of the entire chain of blocks, making sure that the network is intact and in order, which makes Blockchain a very reliable bookkeeping method.
Thanks to its reliability, Blockchain technology is soon to be implemented in banking, for keeping medical records, collecting taxes, and even for voting in the elections!
WHAT IS BLOCKCHAIN TUTORIAL
HOW TO DEPOSIT WITH BITCOIN TUTORIAL
HOW TO DEPOSIT WITH LITECOIN TUTORIAL
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